Taiwan Security Market is a typical order-driven market, and the business transactions are matched through the electronic trading system since 1988. In this work, we study the joint distributions of tick size changes of bid price and ask price, bid volume, and ask volume¡@for each matching order in Taiwan Stock Exchange (TSEC). Exponentially weighted moving average (EWMA) method is adopted to update the joint distribution of the incoming order variables aforementioned. Here we propose five methods to determine the update timing and consider three different initial matrices of the joint distributions. In empirical study, the daily matching data of two enterprises Uni-president Enterprises Corporation and Formosa Plastics Corporation in April, 2005 are considered. The goodness of fit for the joint distributions are determined by Chi-square Goodness of Fit Test. The results show that EWMA method provide good fit for most of the daily transaction data.

<p>Användandet av olika incitamentsprogram och aktierelaterade ersättningar i synnerhet har ökat sen 80-talet. Aktierelaterade ersättningsprogram används för att uppmuntra persona-len att aktivt deltaga för att förbättra företagets resultat. Ersättningarna i dessa program be-står antingen av köpotioner, teckningsoptioner, syntetiska optioner eller konvertibler.</p><p>Sedan den 1 januari 2005 gäller de nya redovisningsreglerna IFRS 2. Dessa regler styr redo-visningen av aktierelaterade ersättningar. IFRS 2 kräver att alla företag noterade på någon börs inom EU kostnadsför dessa ersättningar i resultaträkningen. Innan implementeringen av de nya reglerna räckte det med att ta upp dessa ersättningar i notform. IFRS 2 kräver att dessa regler retroaktivt skall användas för att påvisa dess effekter på 2004 års resultaträk-ning. Anledningen till detta är att potentiella investerare skall ha möjlighet att kunna jämfö-ra resultaträkningar från olika år.</p><p>Syftet med uppsatsen är att undersöka vilka effekter företagen på den svenska A-listan skul-le få erfara om IFRS 2 var implementerad redan år 2004. Vidare ämnar vi att beskriva hur aktierelaterade ersättningsprogram används och hur detta påverkar företagen.</p><p>Uppsatsen är genomförd med en kvantitativ ansats och har baserats på sekundärdata från företagens årsrapporter. Vårt urval är det samma som totalpopulationen på den svenska A-listan.</p><p>De slutsatser som vi kunnat dra i vår uppsats är att majoriteten av de noterade företagen på A-listan använder någon form av aktierelaterade ersättningsprogram. Den mest använda optionstypen är teckningsoptioner. I medel skulle resultatet minskat med 0,89 procent på grund av IFRS 2. Utspädningseffekten som orsakats av aktierelaterade ersättningar var i medel 0,54 procent. Företagen på A-listan använder i huvudsak Black & Scholes-modellen vid värdering av de aktierelaterade ersättningsprogrammen. Vidare indikerar resultatet av vår studie att företag som använder köpoptioner skulle ha haft mest negativ resultatpåver-kan på grund av IFRS 2. En annan intressant slutsats är att större företag tenderar att in-volvera alla anställda i sina aktieoptionsprogram medan mindre bolag föredrar att rikta des-sa aktierelaterade ersättningar endast till chefer och ledning.</p> / <p>The use of incitement programs and share-based programs in particular has increased since the 1980`s. These share-based programs are used to encourage the employees to actively participate in increasing the company’s result. The payment in these share-based compen-sations either is; call options, subscription options, synthetic options or convertibles.</p><p>From January 1 2005, the new accounting regulation IFRS 2 regarding share-based pay-ments are implemented. The IFRS 2 demands all companies noted on a stock exchange in the European Union to account for the share-based payments and expense these in the in-come statement. Before this implementation, these payments only had to be described in a disclosed form. However for the year 2004, the effects due to the IFRS 2 have to be taken into consideration in the income statement. The reason for this is that potential investors must have the possibility to compare the financial statements between different time peri-ods.</p><p>The purpose with thesis is to cover what effects the companies’ on the Swedish A-list should have had if the IFRS 2 were implemented already the year 2004. Secondly, the aim is to cover and describe the utilization of share-based programs among these companies and to explain how they are affected.</p><p>The thesis is conducted through a quantitative approach and based on secondary data from annual reports of the companies’. Our selection is the total population on the Swedish A-list.</p><p>The conclusions made in our thesis are that the majority of the A-listed companies’ use some kind of share-based programs. The most frequently used option type is the subscrip-tion option. On average, the decrease in result was 0,89 percent due to IFRS 2. On average the dilution effect due to the use of share-based programs decreased the result per share by 0,54 percent. The companies on the A-list use the Black & Scholes formula to valuate the share-based payments. Our study also indicates that the companies using call options should have experienced the greatest result decrease due to the IFRS 2. Another interesting conclusion is that the larger companies in our study are most likely to involve all the em-ployees’ in the share-based programs while the smaller companies prefer to only involve executives and other leading personnel.</p>

The Black-Scholes model quickly been used in practice for pricing options in spite of its restrictive assumptions it is based on. Its robustness and especially its simplicity in calculating the option price has speeded this development. During the following years the main focus of scientific work has been empirical testing and analysing consequences of hurting model assumptions. The real functionality of the model - especially the practical execution of arbitrage process that shall guaranty Black-Scholes price - has never been questioned in scientific literature. The Arbitrage process is analysed in this work, resulting in serious doubts about the practical application of the Black-Scholes model. In the case of option mispricing not only the option price itself yet its partial deriviation have to be known in order to realise the arbitrage process. Furthermore arbitrage profits are very small compared with the deviation from Black-Scholes price, thus under the consideration of the transaction costs predicted intervals of arbitrage free option prices may be as high as the Black-Scholes model seems insuitable to value exchange traded options. A CAPM-based option pricing model is developed as an alternative to the Black-Scholes model. The Black-Scholes assumptions have been used almost unchanged and only one additional assumption regarding the utility function of market participients has been made to develop the model. The created model is a generalization of the Black-Scholes model as the Black-Scholes model is one special case of the created model. The CAPM-based approach proves its superiority to the Black-Scholes model in an empirical test of Eurex-traded DAX-calls and moreover the model can explain theoretically Black-Scholes anomalies such as Volatility Smile. / Das Black-Scholes-Optionsbewertungsmodell wurde trotz seiner sehr restriktiven Modellannahmen schnell in der Praxis eingesetzt - seine Robustheit und vor allem die Einfachheit der Berechnung stellten dabei die Haupttriebfeder dar. Das Hauptaugenmerk der wissenschaftlichen Diskussion der folgenden Jahre lag neben der empirischen Überprüfung vor allem in der Untersuchung der Auswirkung der Verletzung seiner Modellannahmen. Die eigentliche Funktionsweise des Modells - insbesondere die praktische Umsetzbarkeit des Arbitrageprozesses, der den Black-Scholes-Preis garantieren soll - wurde hingegen in der Literatur nie in Frage gestellt. In der vorliegenden Arbeit wird dieser Arbitrageprozesses analysiert, mit dem Ergebnis, daß erhebliche Zweifel an der Praxistauglichkeit des Black-Scholes-Modells angebracht sind. So muß z.B. bei einer Fehlbewertung der Option nicht nur der Optionspreis selbst, sondern auch die Ableitungen des fehlbewerteten Optionspreises bekannt sein, um die Arbitrage auch tatsächlich durchführen zu können. Darüber hinaus sind die bei einer Fehlbewertung zu realisierenden Arbitragegewinne im Verhältnis zur Abweichung vom Black-Scholes-Preis sehr gering, so daß die unter Berücksichtigung von Transaktionskosten ermittelten arbitragefreien Intervalle für den Optionspreis so groß werden können, daß das Black-Scholes-Modell für die Anwendung zur Optionsbewertung an den Börsen ungeeignet erscheint. Als Alternative zum Black-Scholes-Modell wird ein CAPM-basiertes Optionsbewertungsmodell hergeleitet. Dabei werden die Annahmen des Black-Scholes-Modells fast unverändert über-nommen und es wird nur eine zusätzliche Annahme an die Nutzenfunktion der Wirtschaftssubjekte gestellt. Das hergeleitete Modell stellt dabei eine Verallgemeinerung des Black-Scholes-Modells dar, da es dieses immer noch als Spezialfall beinhaltet. In der empirischen Untersuchung anhand der DAX-Calls an der Eurex erweist sich das CAPM-basierte Optionspreismodell dem Black-Scholes-Modell als eindeutig überlegen und kann darüber hinaus noch dessen Anomalien wie das Volatility Smile modelltheoretisch erklären.

2004年總統大選前後台灣出現許多電視政論節目，其中以劇作家汪笨湖主持年代MUCH台「台灣心聲」節目曾帶動台語政論風潮，引發「台灣心聲現象」，這個現象之後隨政治情勢變化等原因結束節目。政論節目召喚閱聽人的「認同」，閱聽人也對政論節目產生「迷」現象。政論節目與政治、國族認同結合，節目內容呈現特定符碼與意識形態。 / 本研究依據Hall的媒介文化模型，從這個概念研究產製流程、文本、與接收者解碼，了解其中的儀式性參與及最後形成的認同，透過「台灣心聲」政論節目的意義生產（編碼）與消費（解碼）面向，來觀察政論節目的文化產品意義。 / 本研究由研究者參與並觀察政論節目的運作流程，發現影響政論節目運作的因素包括收視率、主持人、政經大氣候、電視台小氣候等，呈現動態變化。本研究採論述分析法分析「台灣心聲」節目文本所呈現的認同意涵與意識形態建構。研究發現，當涉及族群及國族認同時，政論節目展演者在國家、台灣、中華民國、拚經濟等議題與符號上，呈現出運作差異範疇，透過符號運作政論節目區分出我者與他者的差異認同。 / 本研究深入訪問長期收看「台灣心聲」節目的閱聽人，了解閱聽人觀看節目的動機及認同；並採問卷調查法抽樣大台北地區大學生了解閱聽人選擇觀看的政論節目與其政治認同的關連性。深度觀看「台灣心聲」的受訪者強調認同「台灣主體意識」，台灣心聲的節目呈現形式、主持人風格、台語說書式模式並進一步產生了「迷」現象。 / Many political talk shows were brought forth in Taiwan before and after the 2004 presidential campaign. One of the shows, “Taiwanese Hearty Voice” in the channel “MUCH”, hosted by a playwright, Wang Ben Hu, surged the political talk shows in Taiwaness native tongue that caused the so-called “the phenomenon of Taiwanese Hearty Voice”. The phenomenon has waned while the political fever dropped and the show has ceased. Political talk shows arouse a sense of ‘identity’ among the audience and the audience is prone to be ‘fans’ of the shows. Political talk shows combined with politics and national identity present special encoding and ideology. / The thesis is based upon the Media Culture Model by Dr. Stuart Hall. From the model on the media process of production, text and the decoding of audience, the audience’s ritual participation and the finalized identity are studied. Through the political talk show case of “Taiwaness Hearty Voice”, I studied the media production of meaning “encoding” and comsuming “decoding” to explore the culture insight of the political talk show production. / The author of this thesis played both roles as participant and the observer in the show’s operation process and found the factors that affect the operation of political talk shows, such as ratings, who’s the host, political and economical climate at the moment, the atmosphere in the TV company, etc. They are dynamical. The method applied is discourse analysis, that analyses the identity insight and ideological structure presented by the text of “Taiwanese Hearty Voice”. It is found that, when involving ethnic and national identity, the participants of the show characterized distinct differences in the issues and encoding on “country”, “Taiwan”, “Republic of China” and “straining for economy”, etc. Manipulating the endcoding of political talk shows can distinguish the different identity between ‘we-group’ and ‘they-group’. / In order to understand the audience’s motivaton and identity, a survey is conducted to interview long-term audience of “Taiwanese Hearty Voice”. It adopted questionnaire survey and sampled college students in Grand Taipei area to correlate the choice of which political talk show to view and his/her political identity. In the survey, the audience who admits to be loyal audience of “Taiwanese Hearty Voice” emphasizes ‘the ideology of Taiwan’s identity’. “Taiwanese Hearty Voice” has presented its special form, host manner, and talk- show style in native Taiwanese tongue, which further produced a ‘fans’ phenomenon.

pyAXL ist eine Programmierschnittstelle (API) zur Steuerung des "Cisco Call Manager", eine enterprise-VoIP-Verwaltung. Der Vortrag zeigt, wie pyAXL aufgebaut ist. An ein paar Beispielen wird die Verwendung von pyAXL demonstriert.

This dissertation builds on existing scholarship in political science and political sociology to explore the influence of interest groups in legislative action networks. The primary theoretical insight is that as the number of interest group affiliations between two members of Congress increases, so does the frequency with which they forge other sorts of social ties necessary to advance the interests of their interest group constituencies. In particular, the analysis looks at interest group donation strategies, legislative co-sponsorships, and roll-call votes during the 111th Congress (2009-2010). The analysis uses social network analysis methods to create network models of 19 different policy domains, as well as an aggregate model, for both the House and Senate. Legislator ideology, state, committee assignments, and experience have a generally significant impact on the number of interest group affiliations shared by each pair of legislators, whereas gender, race/ethnicity, office location and occupational history do not. The results show that interest groups do have consistent impact over co-sponsorships in the House, but somewhat more mixed influence in the Senate. In some instances, groups in the policy domain encourage policy change, and in other instances, status quo protection. The theory did not anticipate the latter effect, though it does make sense in context of other research findings. For roll-call votes, interest groups have a significant influence over some House policy domains but not many Senate policy domains. The increased polarization of the Senate, necessity of minority party discipline to maximize their leverage through use of the filibuster, and staggered nature of Senate elections makes interest group influence tougher to muster in the upper chamber of Congress.

Next generation heterogeneous wireless networks are expected to interwork with Internet Protocol (IP)-based infrastructures. Conventional network services operate like silos in that a specific set of services are offered over a specific type of access network. As access networks evolve to provide IP-based packet access, it becomes attractive to break these “service silos” by offering a converged set of IP-based services to users who may access these services using a number of alternative access networks. This trend has started with third generation cellular mobile networks, which have standardized on the use of the IP Multimedia Subsystem (IMS) to manage user access to a wide variety of multimedia services over the mobile Internet, while facilitating interworking of heterogeneous wireless and landline access networks. The future users of communication systems will subscribe to both IP-based and Circuit Switched (CS) based services and in the foreseeable future a single database that handles user profiles across all domains will be required. Home Subscriber Server (HSS) as an evolved version of Home Location Register (HLR) is one of the key components of IMS. In deploying HSS as a central repository database, in a fully overlapped heterogeneous network setting, changes of access mode are very frequent and conveying this information to HSS imposes excessive signaling load and delay. In our proposed scheme we introduce an Interface Agent (IA) for each location area that caches the location and information about the access mode through which a user can be reached. This method results in significant amount of savings in signaling cost and better delay performance. The existing call delivery approaches in cellular networks may not be well suited for future communication systems because they suffer from unnecessary usage of network resources for call attempts that may fail which adds to excessive signaling delays and queuing costs. Reducing the number of queries and retrievals from the database will have a significant impact on the network performance. We present a new scheme based on Reverse Virtual Call setup (RVC) as a solution to the call delivery problem in heterogeneous wireless networks and evaluate the performance of this framework.

This thesis adopts an empirical approach to examine various market microstructure issues, using data from the National Stock Exchange of India (NSE). Whilst the respective empirical analyses may be considered as self-contained investigations, they are primarily linked through the common objective of understanding the mechanics of the pricing process as it occurs on actual markets, using the NSE as exemplar. The first major focus of the dissertation is non-synchronous trading: empirical evidence of nonsynchronicity is obtained by testing for predictability as between indices of different levels of liquidity. A simple test of the analysis of trading-break returns is proposed to infer whether predictability may be mainly attributable to non-synchronous trading or whether it constitutes a delayed adjustment of traders' expectations. The second question tackled in the thesis is whether volatility on the NSE may be considered as justified or excessive. Rathert han adopting the established methodology of comparing stock price changes to information about expected dividends, the research question is split up into two subsidiary ones. The first question is whether volatility is related to information flows, whilst the second related questionc oncernst he relationship betweenv olatility and returns. Three sources of excessive volatility are pin-pointed. Monday effects are found in index data but not in the underlying stocks-indicating index fluctuations which are not information-related. A second indicator of excessive price movements is the pronounced volatility which coincides with the fiscal year end of quoted companies but which is not accompanied by a similar increase in long-term returns. A third indication of unjustified price fluctuations is that volatility seems unrelated to returns when considering a long-term time series. The third topic of the thesis relates to the efficacy of opening and closing call auctions. This issue may be considered as the crux of the dissertation and it is tackled by analysing the effects of the suspension of a call auction system on NSE. Changes in volatility, efficiency and liquidity following the suspension are analysed, and an event study is presented. The relationship between call auctions and long-term volatility is also investigated. The findings suggest that the expected benefits of call auctions may not always materialise, possibly due to an inappropriately structured auction, or because a liquidity threshold for stocks must be surpassed for the expected benefits to accrue.

隨著電信技術的展進，台灣行動通訊已邁入3G，新進入者如威寶及亞太電信陸續加入產業以及94年10月台灣正式啟動行動電話號碼可攜服務後，繼過去2G業者激烈之競爭併購後，電信市場已進入到完全競爭之階段。但先進入者會有進入之優勢，相較於其他產業新進入者，電信產業之新進入門檻難度則是再度加高，新進電信業者如何進入市場與其相抗衡 ?為何這些新進業者先後都採用「網內互打免費」之定價策略做為其滲透市場及排除進入障礙以達成擴展用戶數之目標? 而此策略是否是最有效的競爭策略?對於既有業者、消費者以及行動市場之版圖之影響為何? 本研究就個案公司推出此策略後財務、業務變動、對既有競爭業者之影響、通路商及消費者之問卷調查，研究發現如下: 不是每間電信業者都適用「網內互打免費」之定價，但對於未達經濟規模之新進業者而言，卻是最佳及快速進入門檻之策略，也是對抗已擁有龐大用戶之既有業競爭者之最佳武器。 就個案公司在財務的構面與對既有競爭業者之影響比較下，發現個案公司採用此定價策略後，用戶數及營運狀況確實獲得大幅成長，而更早採用此策略之新業者亞太電信則早已提前損益轉正。而三大既有業者，也因此發生用戶轉移之現象，為因應客戶之流失紛紛推出類似但有限制之定價策略，形成電信市場最激烈之價格戰。另外，對於消費者而言，本研究問卷發現網內互打免費之電信費率價格可吸引七成以上之受訪者申辦以及對於電信業者間之用戶流動可產生高移轉力，由此顯示此策略確實為一有效之競爭策略，並且打破了過去行動電信業者所設計複雜、不合宜之資費制度，也是消費者所期望之資費結構定價，對大眾社會是一項很好之福利。 / The advancement of the telecommunication technology has propelled the Taiwanese mobile telecommunication into the 3G era. With new entrants such as VIBO Telecom and Asia Pacific Telecom joining industry, the 2005 Oct. implementation of number portability service, and the intense merger and acquisition activities among 2G service providers, the telecommunication market has become highly competitive. The incumbents in the industry will have advantages over the new entrants, and the entry barrier has become higher. How can a new entrant compete with the incumbents? Why did the new entrants use “On-Net Free Call” service plan to penetrate the market, to off-set the entry barrier, and to increase the number of users? Is this an effective strategy? How will this strategy affect the current service providers, consumers and how will it affect the market share? This research has studied the financial and sales impact of the company which has implemented the “On-Net Free Call” strategy. The questionnaire survey conducted with existing competitors, sale channels and consumers, has found that even though not every telecommunication companies is suited to apply the “On-Net Free Call” pricing strategy, it is the best strategy that can give the new entrants quickest way in to this industry. And it is also the best weapon against competitors who already have a large subscriber base. We compare the financial structure of the company implementing such price strategy with other competitors. We found the company using such pricing strategy has seen its customer base and revenue grown tremendously. Asia Pacific Telecom, which uses this strategy early, has already turned loss into profit. This strategy has caused customers to switch their operators and pushed other competitors to implement such strategy with limitation. As the result the intensive price competition in the telecommunication market has begun.Moreover, this study finds that the pricing of “On-Net Free Call” can attract 70% of the survey participants to apply and therefore increase the rate of transferring customer among telecommunication companies. We conclude that this strategy is an effective one and it also breaks away from the complex and the incompatible pricing structure. And most importantly, it creates a pricing scheme that is closer to consumer’s expectation and it is also a good welfare for the mass population and society.

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